Hello everyone, lately there have been more and more discussions on the forum about buying property and settling in Spain. Many people are asking about the ‘Golden Visa,’ but the information online is mixed and often vague. I’ve looked into the relevant legal documents, and today I’m here to break down the core legal statutes of Spain’s property immigration program. I hope this helps those who need it.
Core Legislation and Investment Amount
Spain’s investment immigration policy is based on the ‘Law to Support Entrepreneurs and their Internationalization,’ enacted in 2013, which you often hear referred to as Ley 14/2013, de 27 de septiembre. The core of this law allows non-EU citizens to obtain residency permits by making a significant investment in Spain, with property investment being the most popular option.
The law explicitly states that the investment must be at least €500,000. Here are a few key points to note:
- This refers to the net value of the property, excluding any loans or mortgages. You can take out a loan to buy an €800,000 property, but your own capital contribution must be at least €500,000.
- This €500,000 does not include taxes, legal fees, notary fees, etc., incurred during the purchase. These additional costs typically amount to around 10%-15% of the property price, so you’ll need to budget for them separately.
- You can invest in one or more properties, as long as the total value reaches €500,000.
Which Family Members Can Be Included as Dependents?
This is another major point of interest. After the main applicant obtains residency, their family members can also apply as dependents. Legally recognized family members include:
- Spouse or common-law partner
- Children under 18 years of age
- Adult children who are financially dependent on the main applicant and have not formed their own families
- Parents and parents-in-law who are financially dependent on the main applicant
The definition of ‘financial dependence’ is crucial here, as detailed in Spanish property law, and usually requires supporting documents like bank statements and family relationship certificates. The idea that you can bring along any relative is incorrect; they must be direct family members who meet the dependency criteria.
Residency Permit Renewal and Stay Requirements
The initially approved investment residency permit is valid for 2 years. It can then be renewed for subsequent periods of 5 years. One of the biggest advantages of the Golden Visa is that there is no physical presence requirement. The law only requires you to enter Spain at least once during the validity period of your permit, with no strict rules on the length of stay. This offers great flexibility for families who cannot reside abroad long-term. The table below clearly shows the difference between it and the ‘Non-lucrative Visa’:
| Visa Type | Investment Requirement | Work Rights | Residency Requirement |
|---|
| Golden Visa | €500,000 in property | Can work/start a business | None |
| Non-lucrative Visa | None | Cannot work | Must live >183 days/year |
Spain’s Golden Visa policy has clear legal statutes and a relatively mature application process. It provides a convenient pathway to European residency, especially suitable for families with financial means who don’t want to be tied down by strict stay requirements. Of course, the actual process involves many tax and legal details, so it’s highly recommended to consult a professional lawyer before you begin. I hope this information is useful, and I welcome experienced members to add their insights and discuss in the thread below! 🇪🇸
